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FY2026 Q1
예상 부합
Tractor Supply Company 실적 발표
Buzzberg 분석
Companion animal is a 100 bps drag on comps, with stable but below-expectation performance.
Tractor Supply reported Q1 2026 revenue of $3.59B (+3.6% y/y) and EPS of $0.31, with comp sales up 0.5%. The pet category (companion animal) remained a drag, down roughly 100 bps on comps, as structural headwinds from dog ownership declines and under-indexation in fresh pet and cat continues. Management reaffirmed full-year guidance targeting 1-3% comp sales growth in each remaining quarter, citing seasonal strength and portfolio diversification. Q1 comp sales +0.5% vs guidance low end; pet headwind about 100 bps, but 4 of 5 product categories positive.
Buzzberg 분석 Companion animal is a 100 bps drag on comps, with stable but below-expectation performance. Tractor Supply reported Q1 2026 revenue of $3.59B (+3.6% y/y) and EPS of $0.31, with comp sales up 0.5%. The pet category (companion animal) remained a drag, down roughly 100 bps on comps, as structural headwinds from dog ownership declines and under-indexation in fresh pet and cat continues. Management reaffirmed full-year guidance targeting 1-3% comp sales growth in each remaining quarter, citing seasonal strength and portfolio diversification. Q1 comp sales +0.5% vs guidance low end; pet headwind about 100 bps, but 4 of 5 product categories positive. 전체 분석 보기분석 접기
Tractor Supply reported Q1 2026 revenue of $3.59B (+3.6% y/y) and EPS of $0.31, with comp sales up 0.5%. The pet category (companion animal) remained a drag, down roughly 100 bps on comps, as structural headwinds from dog ownership declines and under-indexation in fresh pet and cat continues. Management reaffirmed full-year guidance targeting 1-3% comp sales growth in each remaining quarter, citing seasonal strength and portfolio diversification. Q1 comp sales +0.5% vs guidance low end; pet headwind about 100 bps, but 4 of 5 product categories positive.
- Management reaffirms full-year comp guidance of 1-3% per quarter, expecting improvement from seasonal ramp and north weather normalizing.
- Pet transformation plan includes scaling fresh/frozen to 700 stores by year-end, expanding cat assortment, relaunching exclusive brands, and double-digit subscription growth.
- Gross margin flat at 36.2% due to supply chain efficiencies offsetting tariffs and digital mix; SG&A deleveraged 70 bps from fixed costs and new store investments.
매출$3.592B-8% 전분기 대비
주당순이익(EPS)$0.31-28% 전분기 대비
매출총이익률32.7%보고값
영업이익률6.5%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Product
Fresh pet expansion to 700 stores by year-end, from ~80 stores.
Digital
Pet subscription grew triple digits in Q1, driving online pet growth mid-teens.
핵심 내용 3개 더 보기
Brands
Filed & Stream brand on track to exceed $100M sales this year.
Strategy
Wildlife & Rec department conversions increased to ~700 stores by year-end.
Competition
Q1 share gains best ever, despite broader farm and ranch market slowing.
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $3.592B | -8% 전분기 대비 |
| 주당순이익(EPS) | $0.31 | -28% 전분기 대비 |
| 매출총이익률 | 32.7% | 보고값 |
| 영업이익률 | 6.5% | 보고값 |
| 잉여현금흐름 | $-0.1115B | 보고값 |
| 자본지출 | $0.2026B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 매출 | FY2026 | 1%–3% | 2% | 유지 |
AI, 자본지출 및 수요 분석
경영진 분석
Cautiously Confident
Management acknowledged headwinds in companion animal and a cautious consumer, but expressed confidence in execution, reaffirmed guidance, and highlighted encouraging early spring trends.
투자 및 생산능력
Management reaffirmed its 2026 outlook, with the 11th distribution center on schedule to begin shipping in early Q4, expecting approximately $10 million of incremental expense this year, primarily in the second half. This investment supports supply chain efficiency and cost management.
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 0개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.